Quarterly report pursuant to Section 13 or 15(d)

Operating Leases

v3.21.1
Operating Leases
3 Months Ended
Apr. 30, 2021
Leases [Abstract]  
Operating Leases

8.  Operating Leases

Our operating leases consist of real estate and vehicles and have remaining lease terms of one to eight years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that we will exercise those options. Our operating lease arrangements do not contain any material restrictive covenants or residual value guarantees.

Lease costs are presented below (in thousands):

 

 

Three Months Ended April 30,

 

 

2021

 

 

2020

 

Operating lease cost

$

1,734

 

 

$

1,879

 

Short-term lease cost

 

925

 

 

 

3,329

 

Variable lease cost

 

125

 

 

 

425

 

Total

$

2,784

 

 

$

5,633

 

 

Weighted-average lease term and the discount rate related to our operating lease right-of-use assets and lease liabilities were as follows:

 

 

As of

 

 

 

April 30, 2021

 

 

January 31, 2021

 

Weighted-average remaining lease term (years)

 

 

3.8

 

 

 

3.8

 

Weighted-average discount rate

 

 

8

%

 

 

8

%

 

Future undiscounted lease payments for our operating lease liabilities as of April 30, 2021 were as follows (in thousands):

 

 

 

Amount

 

Remainder of year ending January 31, 2022

 

$

5,658

 

Year ending January 31,

 

 

 

 

2023

 

 

7,215

 

2024

 

 

4,736

 

2025

 

 

1,732

 

2026

 

 

753

 

Thereafter

 

 

2,000

 

   Total operating lease payments

 

 

22,094

 

   Less: imputed interest

 

 

(2,870

)

     Total operating lease liabilities

 

$

19,224

 

 

Current operating lease liabilities of $6.3 million and $5.9 million were included in accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets as of April 30, 2021 and January 31, 2021, respectively.